Credit Union Times Magazine September 14, 2011

Featured Story

Substantive discussions of regulatory policy and partisan wrangling were both on the front burner at the Senate Banking Committee’s hearing last week on the nomination of Richard Cordray to run the Consumer Financial Protection Bureau.

Private student loans account for just 0.2% of the U.S. credit union loan portfolios, according to Callahan & Associates, but student loan CUSOs and credit unions that offer student loans believe they’re a worthwhile addition to any CU’s product suite, citing potential relationships with young members as a major benefit.

The final deadline for ATMs to be compliant with the Americans with Disabilities Act is approaching. While many CUs have already taken steps to have their machines ready, others have not, according to industry executives.

News

While some in the industry would be opposed to a mandate that would require CUSOs to provide financial records to the NCUA and state regulators, a small minority are seeking another form of transparency.

When UniWyo Federal Credit Union learned that its members, many of whom are college students, liked to manage their money online using sites like Mint.com, the credit union took matters into its own hands.

Opinion

For many years, NASCUS was one of few voices supporting supplemental capital. Today, we've been joined by many in the credit union system who are eager for other means of raising capital in addition to retained earnings.

Wall Street reform may be what the Dodd-Frank Act is intended to accomplish, but as usual, those financial institutions that followed the rules and operated with the best interests of their customers in mind end up shouldering a new burden because of a bunch of bad actors who didn’t.

Our firm recently facilitated the successful merger of two credit unions. One of the fundamental issues that we focused on was the ability of the post-merger team to quickly establish and maintain productive working relationships with employees and members.

Connect Financial Software Solutions of Salt Lake City said it has signed a multi-year agreement with the $867 million Northrop Grumman Federal Credit Union in Gardena, Calif., for online banking services.

The $1.3 billion United Federal Credit Union of St. Joseph, Mich. said last week its proposed–and rare–merger with an ailing Indiana savings bank is on track and could win final regulatory approval by the end of this month, according to the president/CEO of UFCU, Gary Easterling.

To help with the financial stress of a new school year, 121 Financial Credit Union in Jacksonville, Fla., is offering short-term loans of $500 to $2,500 at an 8% fixed rate to its members across northeast Florida.

Q&A

Teresa Halleck is just one year into her tenure at San Diego County Credit Union, but she’s no newcomer to the credit union community. She’s been in the industry for nearly two decades. As she approached this mile marker in her latest position, Halleck took time to reflect on what...

Credit/Debit/ATM

Despite the documented ability of smart chips to cut fraud losses, experts say some credit unions and CUSOs have not moved very quickly to start issuing credit and debit cards enabled with the higher tech chips.